Genesis Global Capital Faces $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in unpaid loans. The filings allege that DCG borrowed up to $500 million across four loans in 2022, while DCGI borrowed 18,697.7 BTC in 2019. Genesis, which filed for bankruptcy earlier this year, claims that DCG and DCGI are wrongfully in possession of its property. DCG has stated that they have reached a deal in principle with Genesis and are working on documenting a forbearance agreement to initiate the distribution of funds.